Technically, the MACD crossed back down and we broke several key support levels last week. Today's low is challenging the 63 cent level basis N'08 and the next support lies in 62.90, which was the low created on August 27 last year. Specs and index funds are adding to short positions and we may see the spec position cross into negative territory for the first time in over a year.
As demand remains hand to mouth and the trade are more vulnerable after the market spike in March, we may see more bearish options that could trigger new spec sell stops. N'08 now is significantly below the moving average and the near term trend is looking negative.
marketing@alchempro.com
